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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income before Income Taxes | Below is a summary of the components of the Company’s income before income taxes for the years ended December 31 (in thousands).
| 2024 |  | 2023 |  | 2022
U.S. | $ | 629,656 |  |  | $ | 574,458 |  |  | $ | 560,193 |
Non-U.S. | 757,718 |  |  | 572,671 |  |  | 467,002 |
Income before income taxes | $ | 1,387,374 |  |  | $ | 1,147,129 |  |  | $ | 1,027,195 |
Schedule of Components of Income Tax | The components of the expense (benefit) for income taxes on the above income are summarized in the table below (in thousands).
| 2024 |  | 2023 |  | 2022
Current tax expense: |  |  |  |  |
U.S. federal | $ | 161,155 |  |  | $ | 171,917 |  |  | $ | 122,191 |
State and local | 48,084 |  |  | 51,441 |  |  | 48,482 |
Foreign | 88,318 |  |  | 107,421 |  |  | 91,596 |
Total current | 297,557 |  |  | 330,779 |  |  | 262,269 |
Deferred tax (benefit) expense: |  |  |  |  |
U.S. federal | (31,708) |  |  | (35,457) |  |  | (21,337) |
State and local | 963 |  |  | (13,475) |  |  | (10,108) |
Foreign | (128,291) |  |  | (12,845) |  |  | (4,232) |
Total deferred | (159,036) |  |  | (61,777) |  |  | (35,677) |
Total current and deferred | 138,521 |  |  | 269,002 |  |  | 226,592 |
Expense relating to interest rate swaps used to increase equity | (4,695) |  |  | (4,976) |  |  | (5,569) |
Benefit from stock transactions with employees used to increase equity | 97 |  |  | 105 |  |  | 66 |
Benefit (expense) relating to defined-benefit pension adjustments used to increase equity | (264) |  |  | 532 |  |  | (1,693) |
Total tax expense | $ | 133,659 |  |  | $ | 264,663 |  |  | $ | 219,396 |
Schedule of Deferred Tax Assets and Liabilities | The components of long-term deferred tax assets (liabilities) are summarized in the table below (in thousands).
| December 31,
| 2024 |  | 2023
Accrued liabilities | $ | 86,831 |  |  | $ | 85,328 |
Operating leases | 41,777 |  |  | 59,160 |
Intangible assets | 132,292 |  |  | 92,612 |
Property, equipment and leasehold improvements | 11,592 |  |  | 9,631 |
Loss and credit carryforwards | 61,313 |  |  | 31,454 |
Assets relating to equity compensation | 37,247 |  |  | 29,128 |
Other assets | 16,870 |  |  | 13,126 |
Gross deferred tax assets | 387,922 |  |  | 320,439 |
Valuation allowance | (76,285) |  |  | (177,132) |
Net deferred tax assets | 311,637 |  |  | 143,307 |
Prepaid expenses | (79,559) |  |  | (69,556) |
Other liabilities | (18,063) |  |  | (15,587) |
Gross deferred tax liabilities | (97,622) |  |  | (85,143) |
Net deferred tax assets (liabilities) | $ | 214,015 |  |  | $ | 58,164 |
Schedule of Effective Income Tax Rate Reconciliation | The items comprising the differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate on income before income taxes for the years ended December 31 are summarized in the table below.
| 2024 |  | 2023 |  | 2022
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit | 2.2 |  |  | 2.1 |  |  | 2.4 |
Effect of non-U.S. operations | (3.0) |  |  | (0.4) |  |  | (2.0) |
Intercompany sale of intellectual property | (11.8) |  |  | — |  |  | — |
Net activity in unrecognized tax benefits | 2.0 |  |  | 1.3 |  |  | (1.1) |
Stock-based compensation expense | (3.3) |  |  | (3.1) |  |  | (2.0) |
Limitation on executive compensation | 2.4 |  |  | 2.3 |  |  | 1.4 |
Global intangible low-taxed income, net of foreign tax credits | 1.1 |  |  | 1.2 |  |  | 1.9 |
Foreign-derived intangible income | — |  |  | (0.3) |  |  | (0.4) |
Change in the valuation allowance | (0.1) |  |  | (1.2) |  |  | 0.3 |
Other items, net | (0.9) |  |  | 0.2 |  |  | (0.1) |
Effective tax rate | 9.6 | % |  | 23.1 | % |  | 21.4 | %
Schedule of Reconciliation of Beginning and Ending Unrecognized Tax Benefits | The table below is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31 (in thousands).
| 2024 |  | 2023
Beginning balance | $ | 148,390 |  |  | $ | 137,227 |
Additions based on tax positions related to the current year | 116,373 |  |  | 22,822 |
Additions for tax positions of prior years | 7,925 |  |  | 4,361 |
Reductions for tax positions of prior years | (888) |  |  | (14) |
Reductions for expiration of statutes | (10,573) |  |  | (15,625) |
Settlements | — |  |  | (441) |
Change in foreign currency exchange rates | (3,694) |  |  | 60 |
Ending balance | $ | 257,533 |  |  | $ | 148,390 |

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